A Model of the Slovak Economy Integrated in a Monetary Union: The Portuguese Approach
|Autoři||TVRZ Stanislav — TONNER Jaromír — VAŠÍČEK Osvald|
|Citace||TVRZ, Stanislav, Jaromír TONNER a Osvald VAŠÍČEK. A Model of the Slovak Economy Integrated in a Monetary Union: The Portuguese Approach. In Seminar Odboru vyskumu Narodnej Banky Slovenska. 2012.|
|Klíčová slova||DSGE models; Bayesian methods|
In this contribution, behaviour of the Slovak economy is modelled with use of a DSGE model of a small open economy integrated in a monetary union that is based on original Portuguese concept. The contribution deals with a bayesian estimation of the model on the Slovak data, Kalman filtration of the data, shock decompositions of the endogenous variables, conditional forecasts and forecast decomposition and impulse responses analysis. These tests should prove an ability of the model to be used as a tool for a monetary policy analysis and forecasting at the National Bank of Slovakia.